A series of Co-M (M = Fe, Cr, and Mn) catalysts were synthesized by the sol-gel method for soot oxidation in a loose contact mode. The Co-Fe catalyst exhibited the best catalytic activity among the tested samples, with the characteristic temperatures (T10, T50, and T90) of 470 °C, 557 °C, and 602 °C, respectively, which were 57 °C, 51 °C, and 51 °C lower than those of the CoOx catalyst. Catalyst characterizations of N2 adsorption–desorption, X-ray diffraction (XRD), X-ray photo-electron spectrometry (XPS), and the temperature programmed desorption of O2 (O2-TPD) were performed to gain insights into the relationships between the activity of catalytic soot oxidation and the catalyst properties. The content of Co2+ (68.6%) increased due to the interactions between Co and Fe, while the redox properties and the relative concentration of surface oxygen adsorption (51.7%) were all improved, which could significantly boost the activity of catalytic soot oxidation. The effects of NO and contact mode on soot oxidation were investigated over the Co-Fe catalyst. The addition of 1000 ppm of NO led to significant reductions in T10, T50, and T90 by 92 °C, 106 °C, and 104 °C, respectively, compared to the case without the NO addition. In the tight contact mode, the soot oxidation was accelerated over the Co-Fe catalyst, resulting in 46 °C, 50 °C, and 50 °C reductions in T10, T50, and T90 compared to the loose contact mode. The comparison between real soot and model Printex-U showed that the T50 value of real soot (455 °C) was 102 °C lower than the model Printex-U soot.